Purchase of a Residential Property

Our fees cover all of the work required to complete the sale or purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

As every property is different we suggest you telephone to speak with us regarding an accurate quote for your property purchase.

We set out below by way of example the possible charges you will need to consider.

Conveyancer's Fees & Disbursements

LEASEHOLD ADDITIONAL £300 + VAT
NEWBUILD ADDITIONAL £300 + VAT
PURCHASE OF FREEHOLD REVERSIONARY £800 + VAT
TRANSFER OF EQUITY £800 + VAT
REMORTGAGE £800 + VAT
TRANSFER OF EQUITY + REMORTGAGE £1000 + VAT
DECLARATION OF TRUST £250 + VAT
HELP TO BUY ISA ADDITIONAL £150 + VAT
GIFTED DEPOSIT ADDITIONAL £250 + VAT

Our fee assumes that:

• this is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction
• this is the assignment of an existing lease and is not the grant of a new lease
• the transaction is concluded in a timely manner and no unforeseen complication arises
• all parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
• no indemnity policies are required. Additional disbursements may apply if indemnity policies are required.

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees. We handle the payment of the disbursements on your behalf to ensure a smoother process..

An example of the disbursements are as follows:

• Search fees usually around £230 but this can depend on where the property is situated.
• HM Land Registry fees depend on the purchase price.
• Land Registry search fees are usually around £3 on each title and each purchaser will need a search conducting at the cost of £2 per person if obtaining a mortgage.
• Anti-money laundering searches are included in our search package (for up to 2 individuals) and additional AML searches are around £10.00 per person.
• Office copy entries are normally around £6.00 per title.

For example the purchase of a freehold property for £175,000 in the Preston City Council Area by two purchasers requiring a mortgage would be as follows:

Thurnhills Fees for Conveyancing - £1,250 Plus Vat of £250
Thurnhills Fees for Bank Transfer - £30.00 Plus Vat of £6.00

Stamp Duty or Land Tax (on purchase)

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC's website or if the property is located in Wales by using the Welsh Revenue Authority's website here.

Leasehold Properties

If your property is leasehold there can be a number of additional disbursements and fees. Some of these may be set out in the lease.

Thurnhills Solicitors Additional Fees for dealing with Leasehold

• Leasehold fee £300 + VAT – this fee covers the additional work carried out in accordance with the Lease.
• Notice of Transfer fee – This fee if chargeable is set out in the lease. Often the fee is between £50-£150*.
• Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £50-£150*.
• Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £200 and £350*.
• Certificate of Compliance fee - To be confirmed upon receipt of the lease, as can range between £50-£150*.

Considering the standard charges and additional leasehold charges therefore in the above example at a leasehold purchase of £175,000 the total costs could be £1,550 + VAT together with the usual disburesements and Disbursements in connection with the lease of between £100 and £800 depending on the terms of the lease.

*These fees vary from property to property and can on occasion be significantly more than the ranges given above. We can give you an accurate figure once we have sight of your specific documents.

You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.

Stages of the Process

The various stages of the process that we will undertake can include the following:

• Take your instructions and give you initial advice
• Check finances are in place to fund purchase and contact lender's solicitors if needed
• Receive and advise on contract documents
• Carry out searches
• Obtain further planning documentation if required
• Make any necessary enquiries of seller's solicitor
• Give you advice on all documents and information received
• Go through conditions of mortgage offer with you
• Send final contract to you for signature
• Agree completion date (date from which you own the property)
• Exchange contracts and notify you that this has happened
• Arrange for all monies needed to be received from lender and you
• Complete purchase
• Deal with payment of Stamp Duty/Land Tax
• Deal with application for registration at Land Registry

How Long Will My House Purchase Take?

How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 12-16 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle (and if the property has already been constructed), it could take 8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 4 months. In such, a situation additional charges would apply.

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